Planned & Legacy Giving

Wills and Bequests

How to make a charitable gift in your Will

A bequest, a gift in your Will, is an opportunity to make a difference in the quality of life in your hometown and continue the support you have provided during your lifetime. Many people discover that a bequest is a satisfying way for them to provide for future resources to benefit their communities’ health. Your bequest can be a percentage of your estate or a stated dollar amount. Others prefer to gift a percentage of the “residue” or what remains after paying all inheritances, debts and costs. Finally, there are special arrangements that allow you to make a gift that can provide income to your family and later be used by your hometown.

Retirement Accounts

Here are some ways to use your qualified plan to benefit the Phelps Health Foundation, while minimizing tax consequences:

Beneficiary Change

Simply change the beneficiary designation on your account to the Phelps Health Foundation for all or a portion of the account balance. Favorable new IRS rules have made this option more attractive without increasing your required minimum annual payments at retirement.

Contingent Beneficiary

Naming the Phelps Health Foundation as a contingent or secondary beneficiary gives your heirs the option to decline their right to receive your account assets should they decide not to pay the potentially heavy taxation on the account assets.

Income for Family

Your retirement account’s value may be preserved and income provided to your family with the use of Charitable Remainder Trust. The use of this trust could greatly reduce your federal estate taxes. Additionally, no income taxes would be payable on your retirement account assets.

Asset Replacement

In some situations, it may benefit your family to name the Phelps Health Foundation as the beneficiary of your retirement plan. A newly purchased life insurance policy would replace the value of your retirement plan that would have gone to your family, without the tax consequences.

Gift of Life Insurance

Many have found that a Gift of Life Insurance is an easy and convenient way to make a gift to support the mission of the PhelpsHealth Foundation.

Why Give Life Insurance?

The proceeds from a life insurance policy are paid promptly and are not part of the probate process. Life insurance is a “quiet” gift – it is not a matter of public record.

How to Make a Gift of Life Insurance

There are three ways to make a gift using life insurance:

With An Existing Policy

By changing the ownership and beneficiary of an existing policy that is no longer needed to the Phelps Health Foundation.

By Beneficiary Designation

By changing the ownership and beneficiary of an existing policy to the Phelps Health Foundation, you will receive a charitable income tax deduction.

With A New Policy

When you purchase a new policy and name the Phelps Regional Health Care Foundation as the owner and beneficiary, the gift you make of the premiums become fully income tax deductible.

Contact our Interim Executive Director, Marsha Wayman, at
or by phone at 573-458-7648 for more information.